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Financial News: New Zealand Q2 GDP Expands At Slower Pace

New Zealand Q2 GDP Expands At Slower Pace

09/15/2022 - 04:30:00 (RTTNews)

(RTTNews) - New Zealand's economy expanded for the third straight quarter in the three months ended June, but the rate of increase was slower than in the previous two quarters, data from Statistics New Zealand showed on Thursday.

Gross domestic product advanced 0.4 percent year-over-year in the second quarter, following a 1.0 percent rise in the previous quarter.

That was above the 0.2 percent increase expected by economists.

On a quarterly basis, the economy rebounded strongly by 1.7 percent in the June quarter, after a 0.2 percent contraction in the March quarter. The expected rebound was 1.0 percent.

Expenditure on gross domestic product advanced 2.1 percent in the second quarter, reversing a 0.1 percent fall in the preceding quarter.

On an annual basis, expenditure on GDP fell 0.2 percent in the year ended June 2022.

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